Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>Developed international equities (MSCI EAFE) have been underperforming relative to global equities (MSCI ACWI). However, within EAFE, SMID-caps tell a different story and are a great source of investment ideas within the EAFE region. In today’s report we use a bottom-up approach to highlight actionable charts, sorted by market cap (all buys at current levels).</p>

Developed international equities (MSCI EAFE) have been underperforming relative to global equities (MSCI ACWI). However, within EAFE, SMID-caps tell a different story and are a great source of investment ideas within the EAFE region. In today’s report we use a bottom-up approach to highlight actionable charts, sorted by market cap (all buys at current levels).

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi Inc (2121 JP)</a> has bumped its <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a> offer from 4.2% from A$1.20 to A$1.25 per share. The offer has been declared unconditional and “<em>best and final</em>”.</li>
<li>
<a href="https://www.smartkarma.com/entities/betr-entertainment-limited" target="_blank" data-smartkarma-citation="entities:41181:1" rel="noopener">BETR Entertainment (BBT AU)</a>’s offer remains 2.9% above Mixi’s revised offer, with limited options for a response. The priority is to open its offer by assuaging the Takeover Panel.</li>
<li>The shares are trading 1.2% above Mixi’s offer due to the optionality of a bump if Mixi attains a controlling stake. With little upside remaining, head for the exit.   </li>
</ul>



Mixi Inc (2121 JP) has bumped its PointsBet Holdings (PBH AU) offer from 4.2% from A$1.20 to A$1.25 per share. The offer has been declared unconditional and “best and final”.

BETR Entertainment (BBT AU)’s offer remains 2.9% above Mixi’s revised offer, with limited options for a response. The priority is to open its offer by assuaging the Takeover Panel.
The shares are trading 1.2% above Mixi’s offer due to the optionality of a bump if Mixi attains a controlling stake. With little upside remaining, head for the exit.   


PointsBet (PBH AU): Call It a Day as Mixi Shows Its Hand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/betr-entertainment-limited" target="_blank" data-smartkarma-citation="entities:41181:1" rel="noopener">BETR Entertainment (BBT AU)</a> has bumped its <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a> offer to 4.219 BBT shares per PBH share. However, the offer's opening is delayed by the <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02972624_PS-3A672500&amp;v=4a466cc3f899e00730cfbfcd5ab8940c41f474b6" target="_blank" rel="noopener">Panel’s interim orders</a>.</li>
<li>Betr expects that the Board will now recommend its offer. However, the Board has several reasons not to deem Betr’s revised proposal as superior to <a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi Inc (2121 JP)</a>.</li>
<li>Since 3 June, the average gross spread of the revised Betr offer to the Mixi offer is 3.4%. The logical next step is for Mixi to declare its offer unconditional. </li>
</ul>



BETR Entertainment (BBT AU) has bumped its PointsBet Holdings (PBH AU) offer to 4.219 BBT shares per PBH share. However, the offer's opening is delayed by the Panel’s interim orders.
Betr expects that the Board will now recommend its offer. However, the Board has several reasons not to deem Betr’s revised proposal as superior to Mixi Inc (2121 JP).
Since 3 June, the average gross spread of the revised Betr offer to the Mixi offer is 3.4%. The logical next step is for Mixi to declare its offer unconditional. 


PointsBet (PBH AU): Betr Bumps Its Offer, but Is It Superior to Mixi?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/betr-entertainment-limited" target="_blank" data-smartkarma-citation="entities:41181:1" rel="noopener">BETR Entertainment (BBT AU)</a> has despatched the bidder’s statement for <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a> takeover offer. The offer is scheduled to run from July 31 to September 8.</li>
<li>BBT continues to clutch at straws by claiming its offer is superior to Mixi’s A$1.20 all-cash offer. The Mixi scheme results suggest that BBT has limited support from PBH shareholders.</li>
<li>BBT will struggle to gain material acceptance, but hints at possible revised terms. <a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi Inc (2121 JP)</a> will also need to reconsider its offer terms to see off BBT. </li>
</ul>



BETR Entertainment (BBT AU) has despatched the bidder’s statement for PointsBet Holdings (PBH AU) takeover offer. The offer is scheduled to run from July 31 to September 8.
BBT continues to clutch at straws by claiming its offer is superior to Mixi’s A$1.20 all-cash offer. The Mixi scheme results suggest that BBT has limited support from PBH shareholders.
BBT will struggle to gain material acceptance, but hints at possible revised terms. Mixi Inc (2121 JP) will also need to reconsider its offer terms to see off BBT. 


PointsBet (PBH AU): The Battle of Takeover Offers Commences

<ul>
<li>
<a href="https://www.smartkarma.com/entities/betr-entertainment-limited" target="_blank" data-smartkarma-citation="entities:41181:1" rel="noopener">BETR Entertainment (BBT AU)</a> has switched its <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a> offer to an all-scrip takeover offer at 3.81 BBT shares per PBH share, with a post-offer buyback option at A$1.22. </li>
<li>Betr’s claim that its offer is superior is debatable. <a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi Inc (2121 JP)</a>’s offer is 8.6% above Betr’s at last close prices, and minorities accepting the buyback will be prorated.  </li>
<li>Betr’s offer is designed to torpedo Mixi’s scheme and takeover offer. Mixi will need to rethink its terms and likely drop its 50.1% minimum acceptance condition. </li>
</ul>



BETR Entertainment (BBT AU) has switched its PointsBet Holdings (PBH AU) offer to an all-scrip takeover offer at 3.81 BBT shares per PBH share, with a post-offer buyback option at A$1.22. 
Betr’s claim that its offer is superior is debatable. Mixi Inc (2121 JP)’s offer is 8.6% above Betr’s at last close prices, and minorities accepting the buyback will be prorated.  
Betr’s offer is designed to torpedo Mixi’s scheme and takeover offer. Mixi will need to rethink its terms and likely drop its 50.1% minimum acceptance condition. 


PointsBet (PBH AU): A Headache for Mixi as Betr Switches to a Takeover Offer

United Kingdom

Entain is a global sports betting and gaming company operating in regulated online and retail markets. It offers a diverse portfolio of services, including sports betting platforms and online gaming experiences through brands like bwin, Coral, Ladbrokes, and PartyPoker. Entain was founded in 2004 and is headquartered in Douglas, Isle of Man.

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Entain (ENT LN)

Focus on Outperforming EAFE SMID-Caps

Developed international equities (MSCI EAFE) have been underperforming relative to global equities (MSCI ACWI). However, within EAFE, SMID-caps...

Vermilion Research

PointsBet (PBH AU): Call It a Day as Mixi Shows Its Hand

Mixi has shown its hand by declaring its offer best and final (with a caveat), and Betr has limited options to respond. With little or no upside...

Arun George

PointsBet (PBH AU): Betr Bumps Its Offer, but Is It Superior to Mixi?

The Board continue to have several reasons not to deem Betr’s revised proposal as superior. The logical next step is for Mixi to declare its offer...

Arun George

PointsBet (PBH AU): The Battle of Takeover Offers Commences

BBT will struggle to gain material acceptance, but hints at possible revised terms. Mixi will also need to reconsider its offer terms to see off BBT.

Arun George

PointsBet (PBH AU): A Headache for Mixi as Betr Switches to a Takeover Offer

Betr’s claim that its offer is superior is debatable. Betr’s offer is designed to torpedo Mixi’s scheme and takeover offer. Mixi will need to...

Arun George

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